jerome powell: yes. if you look of the four pillars,s, the reform they could be made more efficient. there are a number of things i wouldn't roll back. senator warren: what would you make stronger? jerome powell: i think about the resolution, we expect firms to make progress on stress testing. senator warren: you would want to see living wills? jerome powell: i'm not thinking about more aggressive rules than our expectations. revisitwarren, if you the rules, the question i'm asking is the reverse. i don't want to see a one-way street where it's about rolling back rules and not considering places where they need to be stronger. jerome powell: i get your question. there are a lot of problems we need to address in the banking system. we have had eight years of writing new rules. i can't think of a place where we are lacking in an important rule. i think we filled out the rules we need and it's now about dealing with things from a supervisory position. : you haverren been there for five years. you don't thin

jerome powell is supposed to speak tomorrow. if he does become we will watch what he says very carefully. >> absolutely, although the speech will be focused on what replaces libor, a new reference rate for consumer loans and , so he can stick to the topic at hand and egg nor fed chair monetary policy. of talk about jerome powell as a continuity pick. what would be the changes though? >> probably subtle. change without disruption is the key. trump says he likes low interest rates. he get someone who has bought into the current trajectory who is a republican who can say he is his own person and a former businessman. let's not forget about carlisle. julie: are you talking about the politicization of the feds. >> there is no political process there whatsoever. julie: talk about the change. what do you mean? maybe thesident said desire to put your own stamp council little bit against janet yellen. greathas not shown a preparedness to key personnel selected by his predecessor. broken with a bipartisan tradition as far is the fed chair

jerome powell is the name it. joining us is the vice chairman at chief monetary economist cumberland advisors and former executive ppm director of research at the atlanta fed. great to have you on. it is the narrative that we have been seeing that jerome powell is the next best continuity candidate if we don't have janet yellen sticking around. do think this is the best case scenario? two-for.rd this as a powell's republican with experience in government and treasury. and hasas been on board bought into the moderate approach to policy the fed has pursued. found a quote in a recent speech he gave in june. he basically says the committee has been patient in raising rates and they should just pay dividends. that is what we will get in this particular case, and that is patience. haidi: having worked with in the ofearch department in one the regional feds and atlanta, do you think it is a huge disadvantage the fact he does not have a background in economics and does not have a phd in economics and comes from the privat

jerome powell: yes. senator warren: according to a recent study by the hamilton project, half of women who are on the sidelines site that they aren't working because of parenting responsibilities. how can the fed bring women who are not working due to caregiving responsibilities back into the labor market? jerome powell: we don't really have those tools. senator warren: that is the point i wanted to make. the opioid epidemic and the lack of paid family leave are holding back workers in congress has to do something on both fronts. if you are confirmed as fed chair, i hope you will promise to come before congress and advocate for policies to make our labor market and our economy stronger for everyone. thank you, esther powell. jerome powell: thank you. : one more. governor powell, large banks of been fined $160 billion since the crisis. recidivism continues and regulators are reluctant to have harsher penalties. wells fargo has a new scandal --t arises every week or it week. do you view this as being too h

we are about to find out if jerome powell is the pick. liz: what will jerome powell and his decisions about interest rates really mean for your money? it is imminent, the changing of the guard at the federal reserve, president trump's frenetic day, you've been watching him on fox business hour after hour appearing multiple times in front of live cameras about everything from the tax reveal on behalf of the house gop to all kinds of issues including broadcom coming back from domiciling elsewhere in singapore coming back to the united states. we're looking live at the white house rose garden, and the president will announce his pick for the nation's top banker. fox news has confirmed over the past several hours that the federal reserve governor jerome powell will be the one to get the nod to replace janet yellen, who actually was up for it. there is a mystery here, why replace janet yellen with basically what many experts see as her identical twin when it comes to the pace, you can't be if you're a guy, fraternal twin when it comes to the p

powells of jerome himself, he brings a lot of quality to the table. when he spoke today and talked about coming to the fed and the importance of what the fed does, he talked first about the strength of the economy and understanding the role of the central bank and how important it is to american lives. he mentioned policy independence . it is interesting he has said this since he is a republican picked by a republican. in confirmation hearings he might get asked about that. powell is known as a consensus builder and has expertise in capital markets and banking and is seen following in janet yellen's footsteps. i asked dennis lockhart, former president of the atlanta fed, who came to the fed with a long career in banking and became a voter policymaker and did well at his time at the atlanta fed, i asked him if he will follow in janet yellen's footsteps even with inflation so far from target. here is what dennis lockhart said. dataflation and inflation are very much i think in the minds of the policymakers. time, i think jerome powell and the fomc for t

and jerome powell has been nominated as the new chief of the u.s. federal reserve, but will he push for the same old policies? we will get reaction from wall street. in the seventh game of the world series, the houston astros take down the los angeles dodgers to take baseball's champ. this was the astros' first ever world championship in their 55 year history. we take a look at how they did it. ♪ brent: i'm brent goff. good to have you with us. today, he defied an order, but the ousted catalan president is not facing arrest, at least not tonight. reports from spain say that a judge will not issue an arrest warrant for carles puigdemont today. what happens tomorrow remains uncertain. carles puigdemont failed to show up in court in madrid today, to answer questions on catalonia's declaration of independence. he is currently in brussels, along with four other members of the dismissed regional government. the judge in madrid sent eight other members of the former catalan cabinet to prison today without bail. correspondent: "freedom," chanted the demon

jerome powell named as the new boss of the us federal reserve. time now for a look at the story making headlines... we begin with what's on the front page of the financial times. and, after months of speculation, donald trump has nominated jay powell as the next chair of the federal reserve as the president moves to stamp his mark on the world's most powerful bank. turning online to the spanish publication, el pais, a detailed look at what happens now to former premier of catalonia, carles puigdemont, if he's issued with a european arrest warrant while in brussels after refusing to appear in a spanish court. in the daily telegraph, here in the uk, this article speculates that british prime minister theresa may has given a "clear indication she is planning for her succession" after brexit, by promoting one of her closest allies gavin williamson to the cabinet. over to the new york times, and "the chef who fed puerto rico." jose andres arrived five days after hurricane maria and has now served more than two million meals — what's claimed to be th

for jerome powell is underway in the u.s. that is what you are watching now, the floor vote will be at a later date. let's bring in michael mckee, our international economics policy correspondent. dan moss, writer for bloomberg view, and inside the hearing deal is jeanna smialek. jeanna, which is the nearly 2000 questionnaires will view most the listening for? jeanna: i think more questions than questionnaires. i am curious to see if he is asked about that independence because i think that will be the major question for the chairmanship and tally expects to respond. i think it will be a real crucial point to watch today. vonnie: michael, you heard her saying it is the questions more than the questioners, but there will be some firebrands trying to ask pointed questions. michael: we are watching one now, elizabeth warren, she is someone who would prefer low interest rates to spur grab jet -- pittsburgh job growth. o spur job growth. -- powell isis not not a very controversial person, so it is not like she is taking on janet ye

tomorrow there is the confirmation of jerome powell. we also get the results of bank of england stress test. anna: we will be all about oil in a moment. let's check in on the markets first. nejra: tax reform on the cards. a lot of data globally. we take a look at what is happening in asian equities. they are on a weaker footing today after hitting record highs. across the wheel today. tech stocks underperforming. in terms of the region, you're seeing those large cap. underperforming. industry --tty much every industry heading lower. i'm taking a look at jgb yields here. seen the yen as the only currency gaining against the dollar. yearg a look at the 10 yield, it's up one basis point. look at bitcoin. pushing towards $10,000. since friday. 40% in the last year. continuing. it continues to push higher. we are seeing a little bit of recovery in today's session. our mliv blog same we could hit 1300. i said we're going to be all about oil, let's do that now. central bank governor alley a la aleck spoke with tracy alloway. in 2018 budget inf

brian: i think jerome powell is the safe choice. like that we did not that it looked like they were not going to pick powell. we are down to 235 because there is some comfort that it will be the same as usual with no change. so, the federal reserve will keep ratcheting shortage restraints. that is pushing down long rates. the market does not have fear of growth or inflation and the yield curve is getting flatter. the market is signaling they have no fear of inflation. mark: so the yield stays below that key 2.4% level? brian: we are 235 right now. 230 and also to 45 on the high side. also 245 on the high side. jerome powell is janet yellen part two. mark: what will make gold go higher? brian: gold is a currency, so it has meaning able exchange. it is selling off for two reasons. the macro threat has diminished. north korea is not in the headlines anymore. spain is still one country. so the fear factor of buying gold is out of the market. the thing we just talked about, there is no fear of inflation. so the reason to own gold has dim

accordingly it is my pleasure and my honor to announce my nomination of jerome powell to be the next chairman of the federal reserve congratulations. to the news this u.s. president all trump has nominated general paul as the next chief of the federal reserve pollard publican will replace democrats janet yellen. and tassler stole still actually comically lace delivery of its new sedan and posts the largest. hello from berlin i'm funny for char and this is your business news general pollo who has been nominated as the next fed chief has generally supported the policies of janet yellen his predecessor and therefore is expected to remain cautious about raising interest rates too quickly. if trump had his way this man would head of the most influential central bank in the world jerome powell a former private equity executive has been sitting on the governing board of the federal reserve for years analysts expect him to hold on to the policies of his predecessor janet yellen that means he'll adopt a cautious approach to raising interest rates but the president's pick still has to be confi

president double trump has nominated jerome powell to head the u.s. central bank if confirmed by the senate paul would replace janet yellen as the nation's top monetary policy maker funny from our business desk is here now to tell us about this development from the white house i mean we know his name jerome tal's on e who is what we also know that it's no surprise that he's been nominated but don't troll because he's seen as a very pragmatic policymaker brand and there's more of course in fact the way he's doing his policy doesn't differ that much from janet yellen. therefore we do not expect any big changes when it comes to an interest rate hike he's seen as a person who is rather soft on that was rather stable and that the peers more. if trump out his way this man would head up the most influential central bank in the world jerome powell a former private equity executive has been sitting on the governing board of the federal reserve for years analysts expect him to hold on to the policies of his predecessor janet yellen that means he'll adopt a caut

we will get the take on the fed chair nominee jerome powell. the vix has gone down slightly this morning and is below 10. but you are seeing a little dollar weakness. it is the end of the month on thursday, so that is impacting things. two treasury auctions today. the two-year yield 1.75%. $57.56.e oil futures of this is bloomberg. ♪ ♪ from bloomberg world headquarters in new york city, i'm vonnie quinn. mark: and live from bloomberg's new european headquarters in the city of london, i'm mark barton. this is "bloomberg markets." let's check in with emma chandra. she has more from new york. emma: more shots are being fidonet battle over who is running the u.s. consumer financial bureau. president trump has installed mick mulvaney as the interim chief. spokesperson said to disregard any directions from english to with the outgoing director. in which is taking this to federal court. retail spending on thanksgiving and black friday rose more than 9% from a year ago according to first data. in indonesia, a volcano on the island of bali has arres

given the new prism fed chief jerome powell -- the new fed chief jerome powell, how that for emerging markets, or is that the trajectory they will continue to go up and it is not as important? iswhat really matters for us the risk context. if we have a steady drift higher , we think in emerging markets could take it because fundamentals are much stronger than they were at any point in the last five years on aggregate. the treasury curve happens to be quite bullish. we think it will flatten, and that is not a negative for emerging markets. it could become at some point if the market gets too obsessed about a recession, but we are not there yet. we think this is a sweet spot for emerging markets. about yourlk specific picks. along russia across all asset classes, not just corporate debt, but sovereign debt and equities. country wherene we see the biggest delta in terms of growth. you have the world cup there that will give you some additional upside in terms of construction investment. it is a country that is counterintuitive because we have sanctions on russia. russia has d leveraged a

jerome powell is a steady as she goes candidate. the john taylor scare in the markets, a bit of a run around with kevin. there is still plenty of room for trump to make interesting picks inside of the federal reserve. certainly powell, it is a vanilla candidate. i don't think it is meet the new boss, same as the old boss. there are differences. he is taking the script from her but he is definitely not her. economist, a model guy, he is much more of a practitioner. much more of a thinker about business as opposed to the sort ess youomic model wonnkin get from janet yellen. it will be different when he gets up there, through time. he be the initial -- david: for right now. >> i think as time goes on, you will see a very different type of chair. even very different from ben bernanke. something harkening back to alan greenspan. david: he does sort of push back against the idea of trump changing the fed or going after the structure of the fed, saying he believes in the structure of the federal reserve right now. don't audit the fed, don'

jerome powell is the man tipped to replace or the former investment banker is a republican and already part of the fed's governing board markets looked ready to welcome such a choice his nomination would signal continuity theoretically stanford university economist john taylor remains a candidate but his chances are slim analysts caution that he might be quick to tighten policy. janet yellen would normally be expected to serve a second term but because she was appointed by former president barack obama that is out of the question for the current white house by replacing a fed chairman only after one term president donald trump looks set to break another tradition. last you've been in the u.s. for a long time reporting almost straight and on the fed what your own paul be a good choice i would say he's definitely a solid choice his safe choice as we just heard he's been on the order of fed governors five years he has some experience he is an interesting choice as much as he does not have any formal training in monetary policy is a monetary it cannot mix he's from the private sector but i

nominatedsident jerome powell to be the reserve chair. it happened at the rose garden. he has a member of the federal reserve board of governors. >> thank you very much. please. i am pleased to welcome members of the cabinet, members of congress, and distinguished guests to the white house rose garden this afternoon. i want to welcome the chairman of the senate banking committee who has don an incredible job. great job. it is my pleasure to nominate jerome powell to be the next chairman of the federal reserve. congratulations. jay is joined here by his wife and his two sisters. congratulations to you all. take that bow. you deserve it. thank you very much for being here. today is another important milestone. in just a short time, we have already made incredible strides. unemployment is at its lowest level in more than 16 years. you know that very well. you are happy about it. we have had back to back quarters of 3% growth. we are doing better and better every single week. if we are to sustain all of this tremendous economic growth, our economy requires sound monetary po

10 months and to first term, president trump nominated jerome powell to replace janet yellen as the chair of the federal reserve. the new york times writes that mr. powell has consistently voted with ms. yellen slowly raise interest rates and fellow assets following the recession. colleagues consider him a centrist and pragmatist. the president announced the choice in the rose garden earlier today. pres. trump: thank you very much. please. i am pleased to welcome members of the cabinet, members of congress and distinguished guests to the white house rose garden this afternoon. also, i want to welcome the chairman of the senate banking committee, who has done an incredible job, mike crapo. great job, appreciate it. [applause] pres. trump: as president, there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. few of those trusted positions are more important than the chairman of the federal reserve. accordingly, it is my pleasure and honor to announce my nomination of jerome powell to be the next chairman of th

accordingly, it is my pleasure and honor to announce my nomination of jerome powell to be the next chairman of the federal reserve. congratulations. mr. powell: thank you. [applause] pres. trump: he is joined by his wife and his two sisters, and i say congratulations to you all. please, take that bow, you deserve it. thank you for being here. today is another important milestone on the past to restore economic opportunity for the american people. and just a short time, we have already made incredible strides. unemployment is at its lowest level in more than 16 years. you know that very well. you know that very well, you are happy about it. we have had back-to-back quarters of 3% growth, a major accomplishment, and we are doing better and better every, single week. but if we are to sustain all of this tremendous economic progress, our economy requires sound monetary policy and prudent oversight of our banking system. that is why we need strong, sound and steady leadership at the united states federal reserve. i have nominated jay, it is so important, he will provide exactly that type of lead

also do is the confirmation hearing of jerome powell. among all those things, let's try to flesh out what is important and get a sense of risks investors need to be paying attention to. u.s., the fed,he and the potential for tax reform. what do you think is more important. tax reform is more important on a month-to-month basis. there is a lot of focus on the federal reserve and the likelihood they will hike in december. that is pretty much baked in the cake. potentially much more long-lasting impact on u.s. yields. gets that long and much higher. i've seen you raise the probability of the passage of .ax reform what has changed for you? were pricing in a 25 percent chance this year and have increased at the 40% recently because we've seen strong momentum in congress in terms of trying to get this year in. particularly in the context of an alabama election which could impact our congress looks. is given -- our base case is given the hurdles congress faces in trying to get a unified bill that both sides agree to in a relatively short best c

this morning will consider the nomination of the honor roll jerome powell to be chairman of the board of governors of the federal reserve system. governor powell, welcome and congratulations on your nomination. i see f

president trump is picking jerome powell. the boe governor has laid the groundwork for rate hikes. many times. with the take action today? if he does it will be the first increase in a decade. anna: fallon resigns. the u.k.'s defense secretary is the first casualty of the sexual harassment scandal engulfing westminster. getting credit suisse earnings. investors focusing on its wealth business. we are live in zurich speaking to the ceo. anna: a very warm welcome. this is "bloomberg daybreak: europe." manus: delivering the numbers. francs,ion swiss penciled in by the market. through, 22.1 percent. global growth will remain strong in the fourth quarter. withue coming in line estimates. in terms of the net income looks to be a bigger force. the global markets division that we will break down. the trading divisions at parabas and barclays came under pressure. some breaking news. numbers are getting from elsewhere in the financial sector. ing giving first-quarter numbers beating estimates. underlying pretax profits to billion euros, the net income number 1.3 8 billion euros. in the third

anna: you think jerome powell will stick with the dots then? to suggest that the markets are not on the same page as the fed. do you think he will stick with that? i think it is going to change. i think the dots from three will become to whether it is december or next year when jerome powell becomes chair. i think there is justification for doing that. if we look again at the underlying inflation picture, if you look at core cpi and shelter, we were at 0.5% two months ago. the lowest rate since 2003. in the pce inflation which is what the fed targets, it is a much smaller component. and a greater reflection. manus: if the inflation picture does not stack up, where do you see the growth? dudley is saying that we need tax reform but we do not need fiscal stimulus from an economic perspective. do you concur with that? that thewould concur tax cuts and the stimulus coming , for it to come eight or nine years into the current economic cycle is very unusual. the assumption that u.s. corporates are going to take this extra money and plow it into wages

uniqueness of jerome powell. the elephant in the room for chairman powell, speaker ryan, senate majority leader mcconnell, and i would suggest the president of the united states, deficit to gdp. ugly, isthat is pretty this going to be the backdrop of a powell chairmanship that overwhelms every discussion? >> in the short-term, no. in the long-term, probably. this has not put pressure on the bond market recently. we know the demographics start to drive a structural deficit in the u.s.. when you add to that tax cuts, possible possible. tom: how do you frame cost to is reform that with quotes around it. get to different numbers based on assumptions you make about growth and offsets. these are fuzzy numbers. you have to treat them as an opening bid. we have to understand where the cost cuts will come from. francine: if this gets put to bed, what is one thing it impacts? gdp? if so, how much? impact to gdp is probably modest. if you're talking about a $1.5 trillion tax cut in context of a $20 million economy, this is

democrat, where are you going to pressure jerome powell? stephen: i suspect democrats are going to want to talk about banking regulation. just as republicans would like to see that lightning up, democrats are afraid they are going to go too far in the other direction. aboutent trump has talked easing up on regulation, and a lot of appointees are pushing in that direction. democrats are going to want to try to pin jerome powell down on the idea that he is going to protect the financial stability of the banking system by doing the right thing, in their minds. i would imagine that is going to be one of the main topics. betty: so much of the speculation about jay powell is, how much is he going to be like janet yellen? is he going to stay the course of what janet yellen has mapped out? is there a risk at all for powell to stay the course, to be a janet yellen 2.0? is there a risk to that? stephen: maybe less so now. yellen hass, janet made things very smooth for her successor. she got the balance sheet reduction process underway. unlike in 2015

is. >> reporter: well, it was interesting to hear jay powell, jerome powell talk about the idea of making change in concert with colleagues, praising yellen, praising bernanke, connecting himself and his forthcoming tenureship with their prior tenureship and the policies they made, again. he praised those policies breaking a bit as we talked about with republicans also the president made clear, i think, in his statements what attracted him to powell. it was the combination of three things prior government experience, prior business experience, as well as experience at the federal reserve. so those three things, it was interesting to hear him connect to william chesney martin -- >> almost 20 years. >> chairman. 20 years ending in the 1970s who also was not an economist and also had business experience. >> i was just reading up on him after he mentioned him i hadn't thought of it in a while, larry served from 1951 -- he was nominated by truman and served until 1970 and richard nixon blamed him -- >> i know. >> -- for losing the economy campaign in 1960 for his tight money policies. >> i thi

president trump will make jerome powell the new president of the fed. the governor faces gradual rate hikes. financial regulations. >> and from bloomberg's world headquarters, i am betty lou. a case of highs and lows. facebook smashing estimates in the third quarter. to

but jerome powell is pektsed to continue some of the policies as janet yellen. but speaking of policies they have been focused on that in the white house. as you mentioned earlier today the president was welcoming gop lead tours tax about the new tax reform plan. tan the president at one point held up a prop suggesting that most americans will be able to file their taxes on single sheet of paper. here's what happened. >> most americans will be able to file taxes on a single sheet of paper. what do you think about that, kevin? are you still there? or is it going to be a paper and a half? >> here. >> wow. >> postcard. >> great job. thank you very much. i didn't know i was going to be given a prop. >> that is my only copy. >> don't lose it. >> reporter: and of course that single piece of paper, brooke, looked to be about the size of a christmas card. so perhaps there is a theme here. the president and house republicans are of course hoping to get a big legislative achievement done by the end of the year. they hope this is it. we should also mention, brooke, we don'

powell that it will nominate him. the head of the u.s. federal reserve is the most powerful central banker in the world some past fed chairman have even a teen near cult status like alan greenspan. he opened the money floodgates and sent equity markets into a feeding frenzy it led to a time of unprecedented growth field by credit until the bubble burst in two thousand and seven unleashing a global financial crisis greenspan wasn't around anymore it was his successor ben bernanke who had to do the damage control. but he kept monetary policy loose the u.s. economy had gotten used to extremely low interest rates a rapid reversal would have caused shocks to the system. it was business as usual under his successor janet yellen at least at first now she's open the door to gradual rate increases amid stable growth in the us the federal reserve stronger intervention in the economy stands in contrast to the policies of the european central bank which has favored a lighter touch and focuses on inflation the fed reacts to develo

if trump had his way this man would head up the most influential central bank in the world jerome powell a former private equity executive has been sitting on the governing board of the federal reserve for years analysts expect him to hold on to the policies of his predecessor janet yellen that means he'll adopt a cautious approach to raise interest rates but the president's pick still has to be confirmed by the senate palin's appointment would be considered a good compromise when acceptable to the democrats and republicans would assume his post in feb twenty. fifth and with much more on this is crossing over now to the to our man of wall street. the entire process of nominating chief was very unorthodox the u.s. administration was floating names quite openly quite loudly hall much damage does that do to the office of the fat. well i mean the costing show is over and yes it is a very crucial job because a lot depends on monetary policy looking forward if the u.s. economy can remain at the pace and in the pos us presidents have barely mentioned that they're even looking at different candi

—— jerome fed chief. what will it mean for the markets? ——jerome powell. would you drink beer with bacteria that is meant to be good for you? we check out a new beer in town. welcome to asia business report, i am sharanjit leyl asia business report, i am sharanjit leyl. after weeks of speculation, the white house has announced its nomination for this man, jerome powell, to be the next chairman of the us federal reserve. his nomination needs to be confirmed by the senate. janet yellen‘s term expires in february. i asked our north american business correspondence what she knows about his pick. he is a former investment banker. he brings something that donald trump doubt —— touted in the rose garden. basically referencing the idea that he has some real world, job experience to bring to thejob. this ties into the job. this ties into the criticism. he wanted to see change at the federal reserve and it ties into complaints after the financial crisis. perhaps the federal reserve had gone too far. having someone with a wall street background could have a big

jerome powell has told lawmakers the case for raising interest rates next month is coming together. he said while unemployment is low, the economy does appear to be overheating. >> we don't see wages signifying the tightness in the labor market. is no sense in an overheating economy or particular tight labor market. manus: jody joins us -- anna: jody joins us from hong kong. what will be the big takeaway? he sounded quite a lot like yellen on quite a lot of subjects. he resulted in not a lot of reaction. he did sound a lot like her in that dovish wing saying there is still room to keep it unemployment rates low and not have too much of a problem with inflation. the possibility of the rate hike in december. talked about the labor market and how there is room to grow their without affecting inflation too much. there not seem to be -- weren't any particular huge headlines that came out of anything. he had a little bit of stuff questioning but basically seem to sail through. sailing through in politics in the united states of america is a relatively interesting combination. the senate b

federal reserve after considering a short list of candidates president donald trump chose jerome powell a member of the fed's board to head the u.s. central bank. as president there are a few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office and few of those trusted positions are more important than the chairman of the federal reserve sixty four year old powell has a background in law and investment management he has a reputation as a friend of bank deregulation but he is generally seen as a moderate who has supported the fed's recent monetary policy inside the federal reserve we understand that monetary policy decisions matter for american families and communities i strongly share that sense of mission and i'm committed to making decisions with objectivity based on the best available evidence in the long standing tradition of monetary policy independence if confirmed powell will take over from janet yellen as fed chief and she succeeded ben bernanke in two thousand and fourteen under previous u.s. president barack

. >> jerome powell will be the new fed chairman. he's in the mold of janet yellen whom the president was critical of but after getting to know her in meetings, he said he really liked her. the white house wanted its own stamp on the fed chair spot. so jerome powell, who is expected to maintain the slow and steady pace of raising interest rates is going to be the next fed chairman. we should point out he will be the first fed chairman that doesn't have a ph.d. in economics. he's coming out now. let's listen to them. >> shepard: thanks, john. here we go. >> thank you very much. i'm pleased to welcome members of the cabinet, members of congress and distinguished guests to the white house rose garden this afternoon. also, i want to welcome the chairman of the senate banking committee who has done an incredible job. mike, where are you? please, mike. great job. appreciate it. [applause] as president, few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. few of thos

jerome powell gets the top spot, while president trump promises a holiday treat. president trump: we are giving a beautiful christmas present in the form of a tremendous tax cut. jane: authorities are learning more about the man behind the new york attack. president trump says he should face the death penalty. scientists discover a new species of orangutan so rare it has gone on to the endangered species list. welcome to our viewers on public television in america and around the globe. president trump nominated jerome powell to be the next chair of the federal reserve. if confirmed by the senate, the former investment banker will replace janet yellen when her term ends in february. in a ceremony at the rose garden, trump said powell was the perfect man to keep the american economy growing. president trump: we have had back-to-back quarters of growth, a major accomplishment, and are doing better and better every single week. but if we are to sustain this tremendous economic progress, our economy requires sound monetary policy and prudent oversight of the banking sy

the confirmation hearing for the next fed chair jerome powell set to start tuesday, jerome powell favoring gradual interest rate increases and sympathizes with calls to ease regulations. let's try to make sense of all this and bring in sterling larkin. so good to see you. tell me, how much importance does this hearing have and the legacy of janet yellen? is important for markets with regard to expectations for 2018, but what should be concerning investors are his comments on inflation and what we are expecting for real growth. he thinks the u.s. economy has full employment and if these belte visit the industrial of america, most would not agree. rishaad: referring to the precipitation -- participation rate? real economy is not represented by financial markets. rishaad: with the participation rate has low as it is, is that why were not seeing that much wage inflation pressure? absolutely. the point i'm making with the real economy is that we are in the longest u.s. expansion in marketsstory, and when moved like they have over the last 6-12 months, people don't care about the underlying econ

the new banker in chief is jerome powell. as donald trump picks a new chair for the us federal reserve, we'll assess what it means for the rest of the world. and this is the situation in europe as the markets have opened. the ftse 100 in particular on its march upwards. and whilst twitter and facebook are amongst the other big tech firms to report good numbers this week, we'll ask our technology correspondent, rory cellan—jones, if the little guys can ever compete. and we'll get his views on all the other big stories of the week. as donald trump is matched with your account is shut down by an employee on the last day of work, we want to know what you have done as a parting gesture on your last day. nothing too rude please. use the hash tag, business live. hello and welcome to business live. we start with apple. it's already the world's most valuable public company — worth getting on for $900 billion and counting. now its shares have hit a new record high — after it revealed a big jump in profits and forecast strong sale

we are about to find out if jerome powell is the pick. liz: what will jerome powell and his decisions about interest rates really mean for your money? it is imminent, the changing of the guard at the federal reserve, president trump's frenetic day, you've been watching him on fox business hour after hour appearing multiple times in front of live cameras about everything from the tax reveal on behalf of the house gop to all kinds of issues including broadcom coming back from domiciling elsewhere in singapore coming back to the united states. we're looking live at the white house rose garden, and the president will announce his pick for the nation's top banker. fox news has confirmed over the

. —— jerome powell. will not be destructor, donald trump. ——jerome powell. other people have been spoken about, like kevin walsh, who are less late janet yellen. yes, but who is donald trump? it comes from real estate. he needs a darvish candidate who does not want to shrink the balance sheet of the fed too quickly. —— he needs eight doveish candidate. he has a real connection to the sector. —— the one thing it does not have is the one thing it does not have is the phd and economics which could come in handy. -- a doveish. is that a sensual and european?” come in handy. -- a doveish. is that a sensual and european? i am a phd level, must. so opinion, yes it is. -- is level, must. so opinion, yes it is. —— is that essential, here. level, must. so opinion, yes it is. -- is that essential, here. send him some tips. let's now look at opec. i requested this for you, cornelia. you hang out with all the top guns at opec, including oil companies et cetera. this article in the financial times talks about the fact that oil is now above $60 a barrel. they

jerome powell has won the apprentice. joining us from the white house is one of the reporters who broke this story. talk to us about the process about how president trump wound up with jerome powell as his fed chair nominee. >> good morning. as the president prepares to leave for asia, he has this major weight office chest. this as they progress that began during the transition when his team got together and talked about the decisions he would need to make and how in the deal he -- immediately they would need to make them. they decided this could wait until this point in the year and it was really over the summer that these decisions began. janet yellen, right up until the end, was always in the president's mind. it really was the influence of the treasury secretary, steve mnuchin, that seems to help put jerome powell over the top. for the president, it is that balance of the continuity of janet yellen, much of the same decision-making that has helped stabilize the situation, but also a chance for the president to make a

powell. those stories and more tonight on "nightly business report" for >>> good evening, everyone, and welcome. republican lawmakers proposed the most significant changes to the tax code in 30 years. businesses big and small could see changes. and so could individuals. house speaker paul ryan pledged action on the legislation. but the proposal ran into opposition almost immediately. ylan mui tells us what's in the blueprint and where it might go from here. >> reporter: republicans call it the biggest overhaul of the tax code in a generation. the plan unveiled today creates four new individual tax brackets. the top bracket would remain at 39.6% and it applies to households making over $1 million in income. the limit for 401(k) contributions remains at $18,000. and homeowners will continue to be able to deduct their mortgage interest. however, the deduction for newly purchased homes will go down from $1 million to $500,000. as for the estate tax, it would double immediately from $5.5 million f

if trump had his way this man would head up the most influential central bank in the world jerome powell a former private equity executive has been sitting on the governing board of the federal reserve for years analysts expect him to hold on to the policies of his predecessor janet yellen that means he'll adopt a cautious approach to raise interest rates but the president's pick still has to be confirmed by the senate palin's appointment would be considered a good compromise when acceptable to the democrats and republicans would assume his post in february twenty fourth. and that much more of this is crossing over now to the to our man on wall street. the entire process of nominating the chief was very unorthodox the us administration was floating names quite openly quite loudly hall much damage does that do to the office of the fat. well i mean the costings show is over and yes it is a very crucial job because a lot depends on monetary policy looking forward if the u.s. economy can remain at the pace and in the pos us presidents have barely mentioned that they're even looking at differ

jerome powell the most powerful banker in the world. who exactly is the new fed chief? cheryl: we ever plan on paper. house republicans to release the tax plan later this morning. still power infighting. lauren: president trump same in new york terror suspect deserves the death penalty. the report debt sayfullo saipov felt good that he murdered eight innocent people. cheryl: facebook and tesla both fallen after today. trying to the base of england stands ready to hike interest rates for the first time in over a decade. stocks pared down across the board. cheryl: still in rally mode. stocks in china falling amid concerns about interest rates. lauren: houston, we have a winner. two months after hurricane rv, the astros win their first world series ever. "fbn:am" starts right now. cheryl: 5:01 a.m. in new york. thursday, november 2nd. m. cheryl casone. lauren: november 2nd already. cheryl: attacks the incumbent fed chair and world series winner. lauren: a day of answers. we begin with this. the winner in the world to tasha pointer on powell to replace janet yellen is the n

also, breaking news, white house has notified federal reserve governor jerome powell. that president trump intends to nominate him as next chairman of central bank. grover norquist is here. and we have big companies with earnings after the bell, and russia-back facebook ads have just been released, and they look like they support bernie sanders. we'll go through them for you. and john mac. >> all here, all speaking out tonight. >> welcome, to "risk & reward." i am cheryl casone. the market shaken up, latest terror attack in mid-city, dow, s&p, nasdaq, with intraday all-time highs today. driving the nasdaq higher, u.s. companies reporting they added most workers in 7 months, consumer confidence also hitting highest level since december of 2000, this just in, breaking news president reportedly is going to tap federal reserve governor powell to be next chairman of federal reserve. this as a horrific terror attack hits new york city. homeland security chairman mccaul said that deadly truck attack is 9th vehicle assault used by isis. and president trump responding. >> what

now he'll be asked to vote for jerome powell as fed chairman. i'm not hearing a lot of discussion about the fed right now. it is more about tax cuts in congress and it is interesting to point out that the fed is sort of off the boil when it comes to the political discussion with a lot of the opponents of the federal reserve in congress, they really lost this battle in the white house when president trump picked jerome powell there were other more controversial nominees who might have brought the fed and the policy more to the fore. >> thank you steve liesman at headquarters for us what do you think of the comments >> we need to hear more and more about how -- sounds like status quo, you heard gradually, you heard decisively, it is interesting over the last three weeks, couple of months even, you heard different fed members talk about different measures of inflation and what might be more appropriate. we have been critical. i've been critical i think many have been critical of using the pce that's a measure of inflation, personal consumption expe